CH&PA collected $590M during 50/50 payment plan

The Central Housing and Planning Authority (CH&PA) raked in over half a billion dollars from its 50/50 Jubilee payment plan which lasted from February to June 2.

It provided for persons who had paid 50 percent of the cost of their house lots by May 1, to be given a 50 percent discount on the balance.

Minister within the Ministry of Communities, with responsibility for housing, Valerie Sharpe-Patterson said that the agency earned $590M from the initiative. She said approximately 2800 persons took advantage of the plan to pay off for their very low to middle income house lots, ranging from $59, 400 (allocated many years ago) to $1.2M.

Minister Sharpe-Patterson noted that not all the eligible beneficiaries were able to complete their payment. She explained that though these persons paid 50 percent of the house lot cost by April, they were unable to fulfill the remaining 50 percent on their balance, before the promotion deadline, despite the CH&PA extending it by two days.

The Jubilee promotion was held, to encourage various house lots’ allottees, to pay for their lots and provide them with savings that they could use towards starting construction of their homes. The promotion was also facilitated to improve the liquidity of CH&PA, and to stimulate the construction boom.